7 Basic Materials Stocks to Buy to Anchor Your Portfolio

The movement of basic materials stocks requires investors to keep a keen eye on the state of the economy to determine profitability. Raw materials such as plastic, steel, and lumber will always be in demand. Here are 7 stocks to take advantage of the growing demand!

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What's Going On With Nvidia Stock?

Erica Kollmann
May 10, 2024

NVIDIA Corporation (NASDAQ:NVDA) shares are trading higher. Taiwan Semiconductor Manufacturing Company Ltd. (NYSE:TSM) reported a rise in April revenue on Friday. Here's a look at what's going on. 

What To Know:

Taiwan Semiconductor said its sales were up 60% in April to $7.3 billion, driven by ongoing demand for artificial intelligence and signs of recovery in consumer electronics.

TSMC is the exclusive producer of Nvidia's most advanced training chips and is projected to boost sales by about a third this quarter, primarily fueled by the relentless demand for AI semiconductors. 

HSBC analyst Frank Lee maintained a Buy rating on Nvidia and raised the price target on the stock from $1050 to $1350 on Friday. 

Nvidia shares are trending across social media, including Yahoo Finance and WallStreetBets, with chip stocks rising as investors digest TSMC latest data.

According to data from Benzinga Pro, Nvidia shares are trading above the stock’s 50-day moving average of $874.59 and are approaching the 52-week high of $974 reached back in March. 

Related News: What’s Going On With Palantir’s Stock?

Will NVDA Stock Go Up?

When trying to assess whether or not Nvidia will trade higher from current levels, it's a good idea to take a look at analyst forecasts.

Wall Street analysts have an average 12-month price target of $975.76 on Nvidia. The Street high target is currently at $1350 and the Street low target is $620. Of all the analysts covering Nvidia, 47 have positive ratings, 3 have neutral ratings and no one has a negative rating.

In the last month, 5 analysts have adjusted price targets. Here's a look at recent price target changes [Analyst Ratings]. Benzinga also tracks Wall Street's most accurate analysts. Check out how analysts covering NVIDIA have performed in recent history.

Stocks don't move in a straight line. The average stock market return is approximately 10% per year. NVIDIA is 217.08% up year-to-date. The average analyst price target suggests the stock could have further upside ahead.

For a broad overview of everything you need to know about Nvidia, visit here. If you want to go above and beyond, there's no better tool to help you do just that than Benzinga Pro. Start your free trial today.

NVDA Price Action: According to Benzinga Pro, Nvidia shares are up 1.23% at $898.38 at the time of publication Friday.

Image: Courtesy of Nvidia Corporation 

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